Small businesses are essential to the fabric of our city, and we are taking a number of steps to provide the support they need.
Cut Small Business Fines in Half
We have cut fines over 40% since we took office, and we will cut over 50% by the time we leave office. We are putting $26M total back in business owners’ pockets, recognizing that fine reform is essential to unburdening small businesses.
Small Business Navigators
We will expand the program that has successfully helped restaurants open more quickly and with less red tape. With additional staff, we will help businesses with applications for permits and licenses so they can open their doors faster, prepare for inspections and lower their costs.
Free Lawyers & Fair Loans
Small businesses need resources and we are committed to providing them. For low-income businesses, we will provide free legal services for lease negotiation and low-interest loans from trustworthy community lenders. We will also advocate for local legislation to mandate lease transparency requirements, something that all small businesses could benefit from.
Pass a Landlord Vacancy Tax
When landlords keep vacant storefronts off the market to wait for high-paying tenants like banks and chain pharmacies, mom and pop shops – and the communities that know and love them – suffer. We are committing to working with colleagues in Albany to pass a Landlord Vacancy Tax to make it harder for landlords to keep storefronts vacant in our neighborhoods.
Invest Pension Funds in Local Businesses
We will work to allocate $500M of New York City pension funds to invest in our local businesses, with a focus on small businesses.
Blue Ribbon Commercial Rent Control CommissionThe idea of Commercial Rent Control has been discussed in this city for over 30 years. Now is the time to figure out, once and for all, whether we can make it work. We will convene a blue ribbon commission, comprised of the best experts, to find ways to support small businesses and protect them from egregious rent hikes. This commission will deliver its recommendations by the end of this year.